Chinese economic growth in 2018 is likely to meet the target of 6.5% set at the beginning of the year, said Ning Jizhe, director of the National Bureau of Statistics, Yicai.com reported.

Ning said 6.5% is a high rate of growth and requires a huge increase in output.

Total economic output exceeded 82 trillion yuan (US$11.97 trillion) in 2017, and 2018’s output is expected to reach 90 trillion yuan, an increase of 8 trillion yuan, according to Ning.

Such an increase is equivalent to the total output of G20 countries, and it accounts for nearly one-third of global economic growth.

In terms of reducing enterprise costs, Ning said the taxes and fees cut in 2018 could amount to 1.3 trillion yuan, compared to the target of 1.1 trillion yuan.